Your 2022 Tax Preparation Checklist 

Feb 22, 2022 | Getting Started, Taxes

It is tax time once again! Wouldn’t it be nice to get excited about taxes like many do for the Super Bowl? Could you imagine all the different tax jerseys fans might wear… 1099, W-2, 1030, K-1, etc.?  The reality is that few of us get excited about tax season.

To help make your tax season, dare we say more enjoyable, consider the following checklist, reminders, and pro tips:

Get organized:

  • Write down specific questions for your tax preparer
  • Make a 2021 tax forms folder to compile your various forms
  • Keep the folder in a secure spot

Income information:

  • Common tax forms to expect regarding your income: W-2, Forms 1099, K-1, SSA-1099
  • Rental property income and expenses: profit/loss statement
  • Business or farming income – profit/loss statement, capital equipment information
  • Alimony received
  • Business, farming, and/or rental property profit/loss statement
  • Installment sale details

Adjustments to your income: (items that can reduce the amount of taxes you owe)

  • Forms 1098
  • Records of IRA contributions made during the year
  • Records of Medical Savings Account contributions
  • Self-employed health insurance payment records
  • Alimony paid

Credits and deductions:

  • Charitable donations records
  • Childcare costs details
  • Home business/office expense records
  • Medical and dental expense records

Miscellaneous:

  • Personal property taxes
  • Real estate taxes paid
  • State and local income taxes paid
  • Estimated tax payments details made during the year
  • Review your current bank savings to make sure you have enough in the event you owe

Reminders:

1. Tax forms are mailed at various times, and you may receive forms as late as April.Due to the Emancipation Day holiday in the District of Columbia, April 18th , 2022 is your tax return deadline unless you request an extension.

2. Visit the IRS website to stay up to date as we saw COVID-19 impact tax filing deadlines last year.

3. Charitable deductions – If you do not itemize your deductions, Single filers can still deduct up to $300 and married filers can deduct up to $600 for cash donations to qualified charities.

Pro Tips:

1. Consider making a quick checklist of which firms owe you a tax form or call them to be sure.

2. If you completed a 60-day rollover, make sure to add a note for your tax preparer with the details.

3. If you’re an early bird tax filer, be aware you may receive an amended investment tax form in March potentially requiring you to file an amendment to your tax return.

4. Electronic filing and direct deposit will make return processing faster vs. anything that requires physical paper or humans to handle, and they are more secure.

5. Want to talk with a human at the IRS? Per the National Taxpayer Advocate, the agency recorded 282 million telephone calls in fiscal year 2021 and only 11% were answered by a human. The IRS encourages taxpayers to use digital resources on their website, YouTube channel, and their social media accounts for more information.

Download Our Tax Tips Checklist

GreenUp Wealth Management is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Author

  • Kyle Barclay, CFP®

    Senior Vice President | Wealth Advisor | Kansas City -- Kyle is a CFP® and has been in the financial services industry advocating for clients helping them reach their financial goals for over a decade. Prior to joining GreenUp Wealth Management in April of 2021, Kyle served clients as a financial advisor at a broker dealer and a registered investment advisor for 10 years. Before working in financial services, Kyle spent 8 years working in management for independent grocery stores across Missouri and Kansas always keeping a customer first mentality. As a leader in the grocery industry, he focused on enhancing each store’s customer experiences by tailoring each store’s product options, implementing new customer services, and training employees how to better understand how to best serve their customer in their respective departments.

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